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Trump Signals Confidence in Iran Agreement, Calls G7 Summit in France a 'Great Success'

US President Donald Trump said Wednesday that Iran is ready to finalize a nuclear agreement during a bilateral meeting with Indian Prime Minister Narendra Modi on the sidelines of the G7 Summit in France.If negotiations fail, the US will restart the process without losing leverage, Trump said. "We don't lose with the greatest military in the world," he said, while also citing what he described as a fully effective naval blockade."They want to sign," he said, referring to Iran.Trump described the current arrangement as more than a preliminary understanding, saying, "This is a long and a pretty detailed memorandum that goes into a regular contract," and adding that he expects Tehran to approve it.Reflecting on the uncertainty of negotiations, Trump said, "I've gone into deals that were 100% and they don't happen. I've gone into deals that there was no chance of getting them done, and it happens.""You're going to find out pretty soon. I think it will be done," Trump added.Trump said recent US actions increased pressure on Tehran and strengthened prospects for an agreement. "They want to sign, they want to get back to a normal life," Trump said, adding that Washington had hit Iran "very hard."The president said he prevented Iran from obtaining a nuclear weapon by withdrawing from the Joint Comprehensive Plan of Action, or JCPOA, and through subsequent military operations.Asked about potential Russian sanctions as attention shifts back to the Ukraine-Russia war, Trump said his administration is evaluating the issue. "We are looking at that," Trump said."We're seeing how far the price of oil comes down, it's really tumbling, I guess, $74, $75 right now. So it's down, it's soon going to be at the number that it was four months ago," Trump added while discussing energy prices.Reflecting on the G7 Summit in France, Trump said in a Truth Social post on Wednesday that the trip was a "Great Success" and that leaders focused heavily on "the fact that Iran will not have a Nuclear Weapon, and that the Strait of Hormuz will immediately be opened."Meanwhile, Axios reported that the US-Iran deal is likely to be signed by early Wednesday. The White House did not immediately respond to' request for comment on when the deal may be signed.

Wire42d ago

Climb Signs Distribution Partnership With Ivanti

Climb Global Solutions' (CLMB) subsidiary Climb said Wednesday it signed a new distribution partnership with Ivanti.Under the partnership, Climb will help expand access to Ivanti's Autonomous Endpoint Management solution across its North American channel ecosystem.Financial terms of the partnership were not disclosed.Price: $22.71, Change: $-0.01, Percent Change: -0.04%

$CLMB

Wire42d ago

Sinclair Makes Strategic Investment in IRCODE

Sinclair (SBGI) has made a strategic investment in IRCODE, the latter said Wednesday.Sinclair will also roll out interactive television technology in Salt Lake City and Austin starting in July, with additional markets to follow, the company said.The rollout will use IRCODE Lens, a real-time interactive channel that lets viewers engage, it added.Price: $13.85, Change: $+0.09, Percent Change: +0.65%

$SBGI

Japan42d ago

Update: US Equity Indexes Ground Higher as Investors Await Fed's Policy Moves While Iran Serves Reminder Against Israel

(Updates with index/price moves and political/macroeconomic news from the first paragraph.)US equity indexes were moderately higher ahead of the Federal Reserve's monetary policy announcement under newly minted Kevin Warsh, while Iran warned against Israel's continuing attacks on Lebanon.The Nasdaq Composite and the S&P 500 rose 0.1% to 26,416.4 and 7,520.2, respectively, in Wednesday's midday trading. The Dow Jones Industrial Average advanced 0.4% to 52,211.5.The Federal Open Market Committee is widely expected to maintain the range for its federal funds rate at 3.50% to 3.75% for the fourth straight meeting, implying the focus will be on the updated Summary of Economic Projections and Kevin Warsh's first press conference as Fed chair on Wednesday afternoon.Meanwhile, on the geopolitical front, Iran has accused Israel of violating the truce in Lebanon 84 times since it reached the interim agreement with the US and warns of a "harsh response" if attacks continue, Al Jazeera reported.Israel carried out a series of strikes in southern Lebanon on Wednesday, with Lebanese President Joseph Aoun saying that he was in favor of a ceasefire and welcomed "any state" to help in the effort toward a truce, CNN reported. The draft text of the US-Iran framework agreement, a copy of which CNN said it has seen, ends the war on all fronts, including Lebanon.In his closing remarks at the G7 summit in France, French President Emmanuel Macron said that it is vital that Iran, Hezbollah, and Israel do not resume fighting, while noting that Paris supports a preliminary US-Iran deal to end the war, according to CNN.Front-month global benchmark North Sea Brent rose 0.9% to $79.66 per barrel, and US West Texas Intermediate climbed 1% to $76.81 per barrel after midday.

Dow JonesNasdaq CompositeS&P 500

Mining & Metals42d ago

CIBC Raises BlackBerry's Price Target to US$10.00 From US$8.50

CIBC Capital Markets maintained an outperformer rating on the shares of BlackBerry (BB, BB.TO), while raising its price target to US$10.00 from US$8.50 on Tuesday, and provided fiscal first-quarter preview for the company.CIBC noted BlackBerry reports its "typically seasonally low FQ1" on June 25 before the open, with FQ2/F2027 guidance updates.CIBC expects a "clean print and constructive guide that reinforce improving fundamentals, visibility, and a path to profitable growth" across QNX and Secure Communications."For traders and PMs, the setup is catalyst-rich: the debate is shifting from turnaround credibility to backlog growth, conversion, and QNX execution," said CIBC. "A clean Q1 and strong F2027 commentary can sustain momentum into F2027/F2028, with upside to a conservative framework and a path to the high end of guidance."Management's message at CIBC's Technology & Innovation Conference was stronger, noted CIBC, signaling "better visibility and profitable growth" across both segments."Continued execution should move perception toward growth quality, margin expansion, and re-rate potential," added CIBC.CIBC's F2027 forecast is aligned with BlackBerry's guidance, it said and added that guidance and FactSet forecasts are "below reported trends."According to CIBC, QNX can deliver double-digit revenue growth of over 12% Y/Y based on a higher backlog, an increase in its pipeline, and that ~50% of revenues are outside the U.S. in Europe, Japan, Korea, and China.For QNX, CIBC believes the business has a "highly attractive setup" for the rest of 2026, with the "likely possibility of Alloy Kore and GEM wins that could result in a significant increase in backlog"."We also believe that with defense spending set to increase across the world, SC is now positioned to grow - for the first time in six years - benefiting in each of its three business units," added CIBC. "Finally, as revenue increases it should deliver positive operating leverage and higher EBITDA margins as F2027 progresses. This places BlackBerry in a position to meet, and possibly exceed its conservative guidance."CIBC raised its price target, based on its F2028 estimates, including QNX at 10x from 8x EV/sales and 42x from 35x EBITDA, it said."Bottom line, the stock has a cleaner earnings setup, improving execution proof points, and a dense catalyst path; we view risk/reward as attractive for a continued QNX-led re-rate," added CIBC.Price: $9.24, Change: $+0.07, Percent Change: +0.76%

$BB$BB.TO

Mining & Metals42d ago

TSX at New High at Midday With Materials The Biggest Gainer

The Toronto Stock Exchange is up near 220 points at midday, hitting another record high.The materials sector, boosted by stronger precious metals prices, is the best performer, up 1.65%, followed by info tech and financials, both up 1%.Energy is the worst performer, down 0.8%, followed by industrials, down 0.7%.In stocks, Gildan Activewear (GIL.TO), shares, which fell sharply after a short report on the company was released Tuesday afternoon, is up $4.61 to $75.00 at midday. The company reiterated its fiscal 2026 guidance in a statement.

S&P/TSX CompositeS&P/TSX Composite$GIL.TO

Treasury42d ago

Berenberg Assesses the Economic Impact of The U.S.-Iran Deal

In their framework agreement to be signed on Friday, Iran and the United States have apparently left some key issues unresolved, said Berenberg.Examples seem to include the dilution or disposal of Iran's highly enriched uranium, the Israel/Lebanon issue, some details of long-term sanctions relief for Tehran and, possibly, the precise arrangements for managing the Strait of Hormuz in the future.However, chances are that both sides will want to avoid the pain of a new prolonged closure of the Strait of Hormuz, U.S. President Donald Trump probably even more so than Iran, noted the bank. A collapse of the deal, followed by a renewed surge in oil prices, could hurt Trump's Republicans badly at the midterm elections to Congress on Nov. 3.The structure of the deal, with a 60-day period for further negotiations, should make it easy to simply extend the deadline further and further if the two sides cannot settle their differences in time.Since late April, Berenberg has based its economic and financial forecasts on the assumption that the worst would be over by June. More precisely, the bank suggested that the price for dated Brent crude would fall from an average of US$120 per barrel in April to around US$90 in June and further to US$75 in January 2027.Berenberg now seems to be on track for that. Futures prices have receded to be roughly in line with the bank's oil price assumption. As a consequence, it sees no need to revise its economic or financial forecasts.For the last three months, Berenberg has argued that bond markets have overreacted to the surge in energy prices. Central banks won't tighten policy as aggressively as markets are pricing in.Unlike in 2021 and 2022, when the combination of an ultra-loose monetary policy and a V-reshaped economic rebound from the pandemic had paved the way for a major surge in inflation even before Russian President Vladimir Putin had launched his full-scale invasion of Ukraine, the potential for major second-round effects from the spike in energy prices and transport costs is low, added the bank.

$CXY

Mining & Metals42d ago

CIBC Looks At Landfill Capacity Trends Out To 2044

CIBC Capital Markets on Tuesday said landfill capacity scarcity is viewed as a structural tailwind for large solid waste companies.The bank evaluated U.S. landfill capacity trends over the next two decades out to 2044 by making use of the Environmental Protection Agency (EPA) Landfill Database. As of Sept. 2024, the bank said that the database showed that 28% of the total number of landfills that are expected to close between 2025 and 2044 will come from the Big 3 waste companies; Waste Management (WM), Waste Connections (WCN.TO, WCN) and Republic Services (RSG), as will 50% of total capacity expected to close.CIBC observed that over 2015-2023, actual landfill closures did not necessarily happen as scheduled and that during this period, 22% of the total number of scheduled landfill closures actually went offline. It also noted that smaller landfills had a higher closure rate than larger landfills and that large landfills owned by private players were the most successful in extending their useful lives."We believe that the Big 4 (WM, WCN, GFL, and RSG) will be more successful in extending the permits for landfills they own that are scheduled to close, which directly addresses how they benefit from overall industry landfill capacity falling," said analyst Kevin Chiang. "Our view is that the Big 4 will benefit from rising tipping fees as landfill capacity becomes scarcer."The bank also observed that regions with lower per capita landfill capacity align closely with higher tipping fees. It believes the three most landfill capacity-constrained regions in 2044 will be the Northeast, Southeast, and Pacific and views WM, GFL Environmental (GFL.TO, GFL), and WCN, as "best positioned" in these regions, respectively, based on relative landfill exposure within their own landfill portfolios.The Northeast and Pacific already have the highest U.S. tipping fees, while the Southeast could see above-average fee growth given its expected decline in capacity per capita, the bank added."Rail egress provides a competitive advantage by enabling large operators to capture regional disposal arbitrage opportunities," said Chiang.Price: $220.26, Change: $+0.67, Percent Change: +0.31%

$GFL.TO$WCN.TO

Oil & Energy42d ago

IEA Trims 2026 Oil Demand Outlook, Warns of Protracted Supply Recovery, TPH Says

The International Energy Agency cut its 2026 global oil demand outlook, citing a sharper-than-expected contraction and warning that the post-US-Iran memorandum of understanding supply recovery will likely face significant delays, TPH Energy strategists said in a note on Wednesday.Jeff LeBlanc, an analyst at TPH Energy, said the IEA reported that global oil inventories have dropped sharply since the outbreak of the Middle East conflict, with stocks declining by a projected 3.8 million barrels per day, including 1.8 million b/d drawn from OECD government reserves.OECD commercial inventories fell by about 17 million barrels to 2.79 billion barrels in April, leaving stocks about 6 million barrels below the five-year average as the market was undersupplied by around 1.79 million b/d.TPH said broader observable global inventories declined by about 74 million barrels during the month. Preliminary data for May indicated a steeper draw of about 143 million barrels, reflecting declines in strategic reserves, oil stored at sea and Chinese crude inventories.The IEA also slashed its outlook for oil demand, forecasting that global consumption in 2026 will contract by about 1.1 million b/d, a downgrade of about 700,000 b/d from its previous assessment.Oil demand in Q2 is projected to be about 5 million b/d lower than the previous year, led by declines of 1.6 million b/d in China and 1.4 million b/d in OECD countries.TPH said that though seasonal factors and improved access to supplies are expected to boost demand by 6.1 million b/d between April and August, the IEA forecasts global oil consumption will remain in contraction through Q3.The Paris-based agency projected that demand would rebound in 2027, rising by about 2 million b/d over the year.On the supply side, the IEA projected that Gulf oil exports averaged 9.6 million b/d in May, with 6.9 million b/d shipped via alternative routes and 2.7 million b/d passing through the Strait of Hormuz.The agency said that of the Hormuz flows, about 800,000 b/d consisted of so-called dark shipments using ship-to-ship transfers. Opaque exports rose to about 1.8 million b/d in early June, ahead of the US-Iran peace deal.The agreement should help lift Gulf exports to about 12 million b/d in June, but the IEA said that the recovery would be prolonged due to demining operations and supply chain constraints.Gulf oil production is expected to recover by about 8 million b/d year-over-year in 2027, TPH said, citing IEA data.Saudi Arabia is projected to account for about half of OPEC+ Gulf production increases between Q2 and Q4, while the UAE is expected to raise output by about 730,000 b/d in 2027, with crude production exceeding 4 million b/d from the third quarter.

Equities42d ago

Market Chatter: US, Iran Considering Virtual Deal Signing on Wednesday

The US, Iran and mediators are in talks over holding the signing of the memorandum of understanding remotely as early as Wednesday, instead of in-person on Friday, Axios reported Wednesday, citing sources familiar with the matter.A diplomat from one of the mediating countries told Axios that discussions to speed up the deal are intended to reopen the Strait of Hormuz sooner, since the parties agreed that the strait's opening and the lifting of the US blockade would only take effect after the formal signing scheduled for Friday.Another source familiar with the matter said Iran demanded that the memorandum's contents not be published until the formal signing, while the diplomatic source said the text is likely to be published on Wednesday.The White House did not immediately respond to' request for a comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Wire42d ago

GSK, Spero Therapeutics Get FDA Approval for Utebzi in Complicated Urinary Tract Infections

GSK (GSK) and Spero Therapeutics (SPRO) said Wednesday that the US Food and Drug Administration has approved Utebzi as treatment for complicated urinary tract infections, including pyelonephritis, in adults.Utebzi, or tebipenem pivoxil, is the first and only oral carbapenem antibiotic approved in the US and is expected to become available by the end of 2026, the companies said.The approval was based on phase 3 trial data showing Utebzi's non-inferiority to intravenous imipenem-cilastatin, with tebipenem pivoxil achieving an overall success rate of 58.5% against 60.2% for imipenem-cilastatin, according to a statement. Tebipenem pivoxil's safety profile is also "generally similar" to that of imipenem-cilastatin, the companies said.GSK shares were up about 1%, while Spero stock was down more than 14% in Wednesday trading.Price: $52.72, Change: $+0.50, Percent Change: +0.96%

$GSK$SPRO

Asia Markets42d ago

European Stocks Close Mostly Higher; Euro Area Inflation Rises in May

European stock markets closed mostly higher Wednesday as the Stoxx Europe 600 gained 0.5%, the Swiss Market Index rose 0.4%, and Germany's DAX 40 and the FTSE 100 each rose 0.1%, while France's CAC 40 fell 0.2%,The annual inflation rate in the euro area rose to 3.2% in May from 3% in April, and 1.9% a year earlier, according to Eurostat, the statistical office of the EU. Annual EU inflation increased to 3.3% from 3.2% in April and 2.2% a year earlierThe lowest annual rate was in Sweden at 1.1%, while the highest was 9.7% in Romania. Compared with April, annual inflation rose in 16 member states and fell in 11.In corporate news, Novo Nordisk said it is aware of claims by cyber extortion group FulcrumSec that it stole company data and sought a $25 million payment, Reuters reported Tuesday.FulcrumSec said it spent more than two months inside Novo Nordisk's systems and obtained source code, drug information, clinical trial data and other internal records, the report said. The group said it is exploring sales of some of the data after the company declined to pay the ransom, the report said.Shares of the Danish pharmaceutical company gained 2% in Copenhagen.Stellantis pledged new investments in Italy, including 5 billion euros ($5.8 billion) in research and development by 2030 and the addition of engineering jobs, Bloomberg reported, citing FIM-CISL labor union secretary general Ferdinando Uliano.Separately, Stellantis, Wayve, and Uber Technologies are collaborating on the development and global deployment of Level 4 autonomous robotaxi services.Shares of Stellantis lost 3% in Paris.Ferrari is encouraging some clients to buy its new Luce electric vehicle as a way to improve access to future limited-edition models, Bloomberg reported.Shares of the Italian luxury sportscar maker fell 3% in Milan.Nokia plans to expand its advanced semiconductor test and packaging facilities in Allentown, Pennsylvania, to increase the manufacturing of photonic chips for AI networks.Shares of the Finnish telecommunications company rose 0.3% in Helsinki.

Asia Markets42d ago

Swiss Market Index Shrugs Off Cloudy Economic Outlook to Close Higher

The Swiss Market Index closed 0.39% higher on Wednesday as investors took stock of the latest corporate and economic data prints while awaiting the US Federal Reserve's monetary policy decision.The Fed is widely expected to hold its key interest rate steady in the 3.5% to 3.75% range later today.Closer to home, the annual inflation rate in the euro area edged up to 3.2% in May from 3% in April, final data from Eurostat showed. In the UK, the annual inflation rate stood at 2.8% in May, unchanged from the previous month.Back in Switzerland, the KOF Swiss Economic Institute lowered its real gross domestic product sport-adjusted growth forecast for the country to 0.8% in 2026 from the previous 1% projection. In 2027, GDP is now expected to expand by 1.5%, down from the prior 1.7% forecast."The war waged by the United States and Israel against Iran, and the resulting higher oil prices, are weighing more heavily on the economic outlook than assumed in the previous forecast," according to the KOF. "The baseline forecast assumes a relatively timely settlement of the Iran war. A continuation and renewed escalation of the conflict represent downside risks. In addition, trade and geopolitical risks remain elevated, including possible additional US tariffs against Switzerland as well as potential shifts in investment by Swiss companies to the United States."Over to corporates, Straumann Holding (STMN.SW) shares closed the session 10.80% higher as it lifted its 2026 financial guidance, now anticipating profitability to be "significantly" above its previously issued outlook. The Swiss dental products group expects its core EBIT margin expansion of between 140 basis points and 170 basis points at constant 2025 exchange rates, against its prior forecast of 30 basis points to 60 basis points. Organic revenue growth for 2026 is still projected to be in the high single digits."Strong execution across our franchises, combined with significant operational leverage driven by manufacturing efficiencies on the one hand and disciplined resource management on the other while continuing to progress on our strategic priorities, contributed to stronger-than-expected profitability," said Chief Executive Officer Guillaume Daniellot. "With the visibility we have today, we are confident in raising our profitability outlook for 2026."In other news, G7 countries expressed their support for "a robust and comprehensive diplomatic follow-on agreement" to the memorandum of understanding reached by the US and Iran.

^SSMI$STMN.SW

Insider Trading42d ago

Axt Insider Sold Shares Worth $926,392, According to a Recent SEC Filing

David C Chang, Director, on June 15, 2026, sold 8,333 shares in Axt (AXTI) for $926,392. Following the Form 4 filing with the SEC, Chang has control over a total of 65,165 common shares of the company, with 65,165 shares held directly.SEC Filing:https://www.sec.gov/Archives/edgar/data/1051627/000143774926020894/xslF345X05/rdgdoc.xmlPrice: $95.27, Change: $+2.23, Percent Change: +2.40%

$AXTI

Commodities42d ago

Asia Import Patterns Shift as US LPG Cargoes Plug Iranian Supply Gap, Vortexa Says

US LPG exports remain robust despite shifting trade dynamics, with volumes currently at sea standing around 1.5 million metric tons above pre-conflict levels and continuing to supply global import markets, analysts at Vortexa reported on Tuesday.Strong US exports have helped offset weaker Iranian shipments into China, while India's LPG import deficit has narrowed toward five-year seasonal lows, supported by increased long-haul cargo arrivals from the US.The US is also strengthening its position in the global ethane market. Record-high ethane production, coupled with the startup of Phase 2 of Enterprise Products Partners' Neches River export expansion, has pushed US ethane exports to all-time highs. Flexible export capacity is increasingly being directed toward ethane rather than LPG cargoes.In Asia, East-of-Suez naphtha exports rose nearly 50% month-on-month, driven by higher shipments from Oman and Saudi Arabia, as well as intra-Asian trade. At the same time, forward propane-to-naphtha spreads are providing less support for propane demand in Northeast Asia, although strong paper margins for propane dehydrogenation plants have helped operating rates recover.Freight markets remain under pressure despite signs that the availability of very large gas carriers in the Middle East Gulf may reflect expectations of stronger regional employment and a possible recovery in Hormuz transit activity. Vortexa analysts said BLPG1 freight rates from the Middle East Gulf to Chiba would likely find support if traffic through the waterway increases following any breakthrough in negotiations involving Iran.Elsewhere, Nigerian LPG exports to China have surged despite an export ban, with June shipments running at roughly four times May levels, although the analysts cautioned the increase may prove temporary.Canadian propane exports are also on track to reach record highs, supported by rising demand from China and South Korea.India's LPG imports have rebounded to near their five-year average, largely due to record arrivals of US-origin cargoes.

Insider Trading42d ago

Axt Insider Sold Shares Worth $711,284, According to a Recent SEC Filing

Jesse Chen, Director, on June 15, 2026, sold 6,172 shares in Axt (AXTI) for $711,284. Following the Form 4 filing with the SEC, Chen has control over a total of 50,275 common shares of the company, with 50,275 shares held directly.SEC Filing:https://www.sec.gov/Archives/edgar/data/1051627/000143774926020895/xslF345X05/rdgdoc.xmlPrice: $95.34, Change: $+2.30, Percent Change: +2.47%

$AXTI

Asia Markets42d ago

UK Stocks Rise Ahead of US Interest Rate Move

London's FTSE 100 closed Wednesday trading 0.14% in the green as early support from softer-than-expected UK inflation data gave way to caution ahead of the US Federal Reserve's policy decision later in the day."[The Federal Open Market Committee] expected to keep the policy rate at 3.5-3.75% in June and remove the easing bias from its statement," BofA Global Research said.At home, Britain's annual inflation rate remained stable at 2.8% for the second consecutive month in May, according to data from the Office for National Statistics, below expectations for a rise to 3%. Monthly consumer prices were 0.2% higher, against the 0.7% uptick in April and the market forecast of 0.4% growth.The data reinforced expectations that the Bank of England may not need to tighten policy further, Berenberg said. "The pass-through from the rise in energy prices to consumer prices appears more limited than the central bank expected. Meanwhile, US-Iran deal has shifted the oil futures curve down such that it now lines up with the most benign of the BoE's 30 April scenarios. This will allow the BoE to refocus on the deceleration in wage inflation that risks it missing its inflation target to the downside in the second half of 2027. We continue to forecast a 25 [basis-point] cut in December and two more in 1H 2027."In corporate news, Barclays (BARC.L), up 3.40%, was one of the top stocks on the blue-chip index after BofA Global Research raised its price objective on the back of higher profit expectations, noting that the current operating environment is shaping up to be better than the British banking group's medium-term plan assumptions."We think recent developments in the operating environment, namely (i) higher swap rates, (ii) strong UK lending growth, (iii) active capital markets, particularly in the US, and (iv) strong consumer trends in the US, should benefit Barclays given its business mix," analysts said. "This not only presents upside potential to earnings, but the higher capital generation could also support higher buybacks, which at current valuations of c.1.1x P/TBV26e, remain attractive."Experian (EXPN.L) subsidiary Experian Finance US priced a $1 billion issue of 5.35% bonds due Aug. 24, 2036. The British data and technology company will use the net proceeds for general corporate purposes and to repay loans. Shares were flat at close.In geopolitical news, G7 leaders welcomed the interim US-Iran agreement and pledged support for its implementation, while also calling for a ceasefire in Lebanon. The group said it would accelerate the diversification of energy supply routes and increase energy stockpiles to reduce vulnerability to disruptions in the Strait of Hormuz.

FTSE 100$BARC.L$EXPN.L

US Markets42d ago

Mortgage Applications Decline as Refinancing, Home Purchasing Activity Slows

Mortgage applications in the US declined last week as refinancing and home purchase demand weakened, the Mortgage Bankers Association said Wednesday.The market composite index, which measures loan application volume, decreased 3.8% in the week ended June 12, compared with the prior week's nearly 11% gain. On an unadjusted basis, applications were down 5% on a weekly basis."Last week's (consumer price index) data showed that inflation continued to move higher, putting upward pressure on rates early in the week, but growing optimism regarding the opening of the Strait of Hormuz brought rates down again by the end of the week," said Mike Fratantoni, the MBA's chief economist.The US and Iran recently agreed to end their war and reopen the crucial Strait of Hormuz after more than three months of conflict that disrupted regional stability and global shipping routes.Government data from last week showed that annual inflation in the world's largest economy accelerated to 4.2% last month, the highest level in about three years, fueling expectations that the Federal Reserve will keep interest rates on hold for some time."The net impact reduced mortgage application activity, with both purchase and refinance application volume down for the week," Fratantoni said.The refinance index fell 5% from the prior week, while the seasonally adjusted purchase index declined 3%.Purchase applications remains "modestly" ahead of last year's level, driven by conventional volume, Fratantoni said.The average interest rate for 30-year fixed mortgages with conforming loan balances of $832,750 or less remained unchanged at 6.6% on a weekly basis. For loan balances higher than that amount, the rate decreased to 6.62% from 6.66%. For 15-year loans, the rate rose to 6.02% from 5.99%.The share of Federal Housing Administration loans, which are often used by first-time home buyers and can involve smaller down payments, ticked up to 17.5% of total applications from 17.4% the week prior.On Tuesday, official data showed that housing starts in the US plummeted to the lowest level since 2020 in May, amid a steep drop in multi-family projects.Homebuilder confidence declined in June as rising material costs and high mortgage rates stoked affordability concerns, the National Association of Home Builders and Wells Fargo said Monday.

Asia Markets42d ago

DAX Index Climbs; BMW Drops on FY26 Profit Warning

German equities gained on Wednesday, closing 0.10% in the green, as the market anticipates the US Federal Reserve interest rate decision due later in the day and the formal signing of an interim US-Iran peace deal later in the week.In a joint statement, the heads of the G7 countries welcomed the interim agreement between the US and Iran, which they noted offered an opportunity to prevent Iran from developing nuclear weapons. As they expressed their readiness to assist in the deal's implementation, the leaders also called for a ceasefire in Lebanon."We commit to accelerate the diversification of energy supply routes in order to reduce global vulnerability to the Strait of Hormuz and to increase our energy stocks," the leaders said in the statement issued during the G7 Summit in Evian, France.On the economic front, inflation in the eurozone accelerated in May. According to final data from Eurostat, the euro area's annual inflation rate rose to 3.2% from 3% in April, in line with the flash estimate. Meanwhile, the core rate, which excludes energy, food, alcohol and tobacco, came in at 2.6%, above the preliminary forecast of 2.5% and the previous 2.2%.The highest contributors for the month were services, followed by energy, food, alcohol and tobacco, and then non-energy industrial goods.In corporate news, BMW Group (BMW.F) was the worst performer, dropping 8.34%, after cutting its full-year 2026 outlook. The downgrade includes a "significant" year-over-year decline in group pretax profit, compared with the previously expected "moderate decrease.""BMW has issued a material guidance cut, attributing it once again to a softer market in China and the wider [Asia Pacific] region, alongside second-order effects stemming from the Middle East conflict. While a guidance revision was anticipated over the past few days, after the stock underperformed and the company cancelled a long-planned [Chief Executive Officer] sell-side meeting, we believe the magnitude of this cut is materially larger than expected - >EUR 3bn on EBIT and EUR 2bn on [free cash flow]," Deutsche Bank Research said.The news also sent stocks of fellow German automotive companies Mercedes-Benz Group (MBG.F), Volkswagen (VOW.F), and Porsche Automobil Holding SE (PAH3.F) down 4.36%, 3.48%, and 1.96%, respectively, on Xetra.Meanwhile, Bayer (BAYN.F) completed its acquisition of US-based Perfuse Therapeutics, fully integrating the glaucoma and diabetic retinopathy drug developer. The German healthcare and agricultural products company paid $300 million upfront, with the total deal value potentially reaching $2.45 billion pending milestone payments. Bayer was up 4.80% at the end of the trading day.

^DAX$BAYN.F$BMW.F$MBG.F$PAH3.F$VOW.F

Wire42d ago

Equinor's Strategic Update Outlined Development Pipeline, International Execution, RBC Says

Equinor's (EQNR) strategic update highlighted plans to improve underlying free cash flow and margins, supported by growth in its international upstream portfolio and a shift toward production outside the Norwegian Continental Shelf, RBC Capital Markets said in a Wednesday note.The firm said it sees Equinor's international production to rise to about 850 kboed by 2030, supported by projects including Bacalhau, Raia and Sparta, up from around 650 kboed in 2025, though still below the company's 950 kboed target. The shift could boost cash flow per barrel due to lower taxes on the international front, it added.RBC said Equinor is expected to maintain disciplined annual investment of around $12 billion, support about 5% annual dividend growth, and execute $4 billion in buybacks from 2027 under an $80 per barrel Brent assumption.The firm flagged a cautious outlook on gas market conditions and highlighted execution risks in offshore wind and international expansion, but said Equinor's strategy increases optionality through new basin entries, and growth in asset-backed trading and power segments.RBC maintained its underperform rating on the stock with a price target of 360 Norwegian kroner ($37.85).Price: $34.21, Change: $+0.37, Percent Change: +1.09%

$EQNR

Showing 21041-21060 of 63650

Oil & Energy42d ago